The Oman Vision 2040 Implementation Follow-up Unit has released its third annual report, focusing on the actual performance of government agencies and efforts made in various economic and development sectors during 2023.
Dr. Khamis bin Saif al Jabri, Head of the Unit, noted significant improvements in the government’s economic and financial performance, including debt reduction and an increase in the gross domestic product. He also highlighted the positive improvement in Oman’s credit rating by international agencies, gaining attention from global economic experts.
Key Rankings
Al Jabri expressed appreciation for the achievements in various national sectors, noting Oman’s remarkable progress in global rankings. The country advanced to 56th place in the Economic Freedom Index 2024 (from 95th in 2023) and achieved 11th position in the Entrepreneurship Index. Additionally, Oman rose to 50th place in the Environmental Performance Index, previously ranking 149th.
In education, Sultan Qaboos University made significant progress, reaching the 362nd position in the 2025 global university rankings.
Education Sector
The report emphasized that efforts in 2023 included auditing 65 higher education institutions, funding 314 research projects, and implementing numerous programs in scientific research and innovation. Sultan Qaboos University also improved in the QS rankings for 2025, rising from 454 to 362, while Sohar University became the first private Omani university to enter this ranking.
Health Sector
Royal Decree 11/2024 was issued to establish the University Medical City, which earned international accreditation (JCI) in 2023 and 2024. Additionally, plans were announced to establish 15 factories for medicines and medical supplies.
Heritage and Culture
Efforts included establishing the Maritime History Museum, developing the Frankincense Land Museum, and restoring 42 historical landmarks. Moreover, 4 archaeological sites were prepared as part of the World Heritage Sites Rehabilitation Program.
Social Welfare
The “Social Welfare and Protection” priority aims to build an effective and sustainable social safety net, with new legislations issued through Royal Decrees 50/2023, 51/2023, and 52/2023 to enhance the social protection system.
Economic Leadership and Management
Efforts to strengthen economic leadership resulted in a 2.2% budget surplus amounting to OMR 932 million in 2023. Improvements were also seen in the public debt-to-GDP ratio, which dropped from 62.3% in 2021 to 35% by mid-2024.
Credit Ratings and Economic Diversification
Oman’s credit rating improved, with Moody’s upgrading to Ba1 in 2023. The opening of the Duqm Refinery and the increase in passenger numbers at Muscat International Airport to 11.5 million in 2023 demonstrate efforts in economic diversification.
source: Vision 2040 Follow-up Unit Releases Annual Report – Oman Observer
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